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Economy

Fewer Americans File for Jobless Benefits Last Week

WASHINGTON (AP) — Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to stand out... Read More

WASHINGTON (AP) — Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy. Applications for jobless aid for the week ending August 13... Read More

US Retail Sales Were Flat in July as Inflation Takes a Toll

WASHINGTON (AP) — The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising... Read More

WASHINGTON (AP) — The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many Americans to spend more cautiously. Retail purchases were flat after having risen 0.8% in June, the... Read More

Companies Facing First Tax on Stock Buybacks in Biden Bill

WASHINGTON (AP) — Democrats have pulled off a quiet first in their just-passed legislation addressing climate change and health care:... Read More

WASHINGTON (AP) — Democrats have pulled off a quiet first in their just-passed legislation addressing climate change and health care: the creation of a tax on stock buybacks, a cherished tool of Corporate America that had long seemed untouchable. Under the bill... Read More

Northeastern Farmers Face New Challenges With Severe Drought

PROVIDENCE, R.I. (AP) — Vermont farmer Brian Kemp is used to seeing the pastures at Mountain Meadows Farm grow slower... Read More

PROVIDENCE, R.I. (AP) — Vermont farmer Brian Kemp is used to seeing the pastures at Mountain Meadows Farm grow slower in the hot, late summer, but this year the grass is at a standstill. That's “very nerve-wracking” when you're grazing... Read More

Dems Near Congressional Passage of Climate, Health Package

WASHINGTON (AP) — Democrats pushed their flagship climate change and health care bill toward House passage Friday, placing President Joe Biden on... Read More

WASHINGTON (AP) — Democrats pushed their flagship climate change and health care bill toward House passage Friday, placing President Joe Biden on the brink of a back-from-the-dead triumph on his leading domestic goals that could energize his party going into November’s elections. Democrats were poised... Read More

US Wholesale Inflation Fell in July for 1st Time in Two Years

WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than... Read More

WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday’s report from the Labor Department... Read More

Gas Prices Dip Just Below $4 for the First Time in Five Months

AP -- Gasoline prices dipped to just under the $4 mark for the first time in more than five months... Read More

AP -- Gasoline prices dipped to just under the $4 mark for the first time in more than five months — good news for consumers who are struggling with high prices for many other essentials. AAA said the national average... Read More

AP FACT CHECK: GOP Skews Budget Bill’s Impact on IRS, Taxes

Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS... Read More

Republican politicians and candidates are distorting how a major economic bill passed over the weekend by the Senate would reform the IRS and affect taxes for the middle class. The “ Inflation Reduction Act,” which awaits a House vote after passing in the Senate on... Read More

2022-08-10 15:29:48
by Dan McCue
Falling Gas Prices Offsetting Inflation Pressures, Providing Relief to Consumers

WASHINGTON — The Consumer Price Index was unchanged in July, a sign that rapidly declining gas prices are beginning to... Read More

WASHINGTON — The Consumer Price Index was unchanged in July, a sign that rapidly declining gas prices are beginning to offset the pressures that led to a monthslong surge in inflation. According to the U.S. Bureau of Labor Statistics, the... Read More

Democrats Say They've Reached Agreement on Economic Package

WASHINGTON (AP) — Senate Democrats have agreed to eleventh-hour changes to their marquee economic legislation, they announced late Thursday, clearing... Read More

WASHINGTON (AP) — Senate Democrats have agreed to eleventh-hour changes to their marquee economic legislation, they announced late Thursday, clearing the major impediment to pushing one of President Joe Biden’s paramount election-year priorities through the chamber in coming days. Sen. Kyrsten Sinema,... Read More

2022-08-03 15:55:11
by Dan McCue
President to Sign CHIPS and Science Act Bill Next Tuesday

WASHINGTON — President Joe Biden will sign the CHIPS and Science Act of 2022 into law next Tuesday in a... Read More

WASHINGTON — President Joe Biden will sign the CHIPS and Science Act of 2022 into law next Tuesday in a Rose Garden ceremony, the White House has announced. Supporters of H.R. 4346 touted the legislation as a vehicle for lowering... Read More

US Not Yet in Recession and Four Other Takeaways From the Fed

WASHINGTON (AP) — Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high,... Read More

WASHINGTON (AP) — Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs. Yet despite his resolute words, the Fed... Read More

Inflation Hits NYC's Bodega Favorite: Bacon, Egg and Cheese

NEW YORK (AP) — Ah, the bacon, egg and cheese. The classic bodega breakfast sandwich is a staple in many... Read More

NEW YORK (AP) — Ah, the bacon, egg and cheese. The classic bodega breakfast sandwich is a staple in many a New Yorker's diet. It's easy to make, easy to eat on the go and cheap — although not as... Read More

Partisan Lines Form over Dem Drug Price Curbs, Economic Plan

WASHINGTON (AP) — Senate Minority Leader Mitch McConnell is warning that Democrats’ plans to curb drug prices would insert “socialist... Read More

WASHINGTON (AP) — Senate Minority Leader Mitch McConnell is warning that Democrats’ plans to curb drug prices would insert “socialist price controls" between Americans and the treatments they need as partisan battle lines form over a shrunken economic package that President Joe... Read More

Retail Sales Up 1% in June, Easing Fears of a Recession

NEW YORK (AP) — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at... Read More

NEW YORK (AP) — Consumers picked up their spending from May to June, underscoring their resilience despite painfully higher prices at the gas pump and in grocery aisles and allaying fears that the economy might be on the verge of a recession.... Read More

2022-07-13 21:56:07
by Natalie McCormick
USDA Seeks to Reduce Risks to ‘Double Cropping’ Farmers

WASHINGTON — The U.S. Department of Agriculture is taking steps to reduce the economic risks associated with so-called double cropping,... Read More

WASHINGTON — The U.S. Department of Agriculture is taking steps to reduce the economic risks associated with so-called double cropping, or raising two crops on the same land in one year.  Working with its Risk Management Agency, the USDA is... Read More

US Inflation Reached a New 40-Year High in June of 9.1%

WASHINGTON (AP) — Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further... Read More

WASHINGTON (AP) — Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing... Read More

2022-07-01 20:18:11
by Dan McCue
Inflation Pressures Easing, but It’ll Be Awhile Before Consumers Feel It

NEW YORK — Though there has been some improvement in the metrics used to measure inflation, a slowing U.S. manufacturing... Read More

NEW YORK — Though there has been some improvement in the metrics used to measure inflation, a slowing U.S. manufacturing sector among other factors suggests the risk of a looming recession continues to be strong, according to an economist with... Read More

Key Inflation Gauge Tracked by the Fed Remains a High 6.3%

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from... Read More

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April. Thursday's report from the Commerce Department provided the latest evidence that... Read More

Fewer Americans File for Jobless Aid

WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade... Read More

WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade high inflation and a myriad of other economic pressures. Applications for jobless aid for the week ending June 18 fell... Read More

2022-06-22 15:52:07
by Dan McCue
Biden Calls for ‘Gas Tax Holiday’ in Bid to Kneecap Inflation Woes

WASHINGTON — President Joe Biden on Thursday called on Congress to suspend the federal tax on gas and diesel for... Read More

WASHINGTON — President Joe Biden on Thursday called on Congress to suspend the federal tax on gas and diesel for three months to provide some relief to soaring inflation and surging prices at the pump. The federal gas tax holiday... Read More

Wall Street Gets Back to Tumbling After 1-Day Reprieve

NEW YORK (AP) — Markets worldwide are back to tumbling on Thursday, and Wall Street is down roughly 3% in... Read More

NEW YORK (AP) — Markets worldwide are back to tumbling on Thursday, and Wall Street is down roughly 3% in a widespread wipeout as worries about a fragile economy roar back to the fore. The S&P 500 was 3.1% lower... Read More

Biden Tells Oil Refiners: Produce More Gas, Fewer Profits

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during... Read More

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “The crunch that families... Read More

Wall Street Wobbles a Day After Tumbling Into Bear Market

NEW YORK (AP) — Wall Street is wobbling between gains and losses Tuesday in its first trading after tumbling into... Read More

NEW YORK (AP) — Wall Street is wobbling between gains and losses Tuesday in its first trading after tumbling into a bear market on worries about a fragile economy and rising rates. The S&P 500 was 0.1% higher in early trading after... Read More

Markets Tumble Worldwide, Bear Market Growls on Wall Street

NEW YORK (AP) — Wall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from... Read More

NEW YORK (AP) — Wall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from its record, amid fears that a recession is more likely given how unshakeable inflation has become. The S&P 500 was... Read More

US Markets Point Higher; EU Hikes Rates to Cool Inflation

NEW YORK (AP) — U.S. markets appeared to be headed for gains Thursday with European Central Bank announcing its first interest... Read More

NEW YORK (AP) — U.S. markets appeared to be headed for gains Thursday with European Central Bank announcing its first interest rate hike in 11 years. The bank will make two quarter-point increases, with the second arriving in September. The surprise decision... Read More

2022-06-08 23:09:44
by Natalie McCormick
New Dems Roll Out Sweeping Inflation Action Plan

WASHINGTON — The New Democrat Coalition released an Inflation Action Plan Wednesday, urging their colleagues in Congress and the Biden... Read More

WASHINGTON — The New Democrat Coalition released an Inflation Action Plan Wednesday, urging their colleagues in Congress and the Biden administration to take further, pragmatic steps to ease the financial pressures on American families.   In doing so, the coalition acknowledged... Read More

2022-06-03 17:25:39
by Dan McCue
Bank Economists Foresee Economic Soft Landing, But Concerns Linger

WASHINGTON — A panel of the nation’s top bank economists sees the U.S. economy continuing to expand through 2024, though... Read More

WASHINGTON — A panel of the nation’s top bank economists sees the U.S. economy continuing to expand through 2024, though at a slower pace than its long-term potential. Perhaps of even greater interest to U.S. consumers at the moment, the... Read More

US Added 390,000 Jobs in May as Hiring Remained Robust

WASHINGTON (AP) — U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has... Read More

WASHINGTON (AP) — U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates. Last month’s gain reflects a still-healthy job market despite... Read More

Fewer Americans Apply for Unemployment Benefits Last Week

WASHINGTON (AP) — Fewer Americans applied for jobless aid last week with the number of Americans collecting unemployment at historically... Read More

WASHINGTON (AP) — Fewer Americans applied for jobless aid last week with the number of Americans collecting unemployment at historically low levels. Applications for unemployment benefits fell by 11,000 to 200,000 for the week ending May 28, the Labor Department... Read More

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